QuickBooks Tutorial - Transfer or Expense?

In this video, I walk you through how to correctly record transfers and refunds in QuickBooks Online, specifically when QuickBooks mistakenly suggests recording a transaction as a transfer. This is a common issue that many clients face, and I'll show you how to handle it step-by-step.

By the end of this tutorial, you'll have a clear understanding of how to manage and correct transfers and refunds in QuickBooks Online, ensuring your books are accurate and up-to-date.

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Timestamps:
00:00 - Intro
00:31 - Banking transactions
01:07 - Example transaction
01:40 - Balance Sheet
2:15 - Transfer that should be an expense
3:48 - Changing transaction from transfer to expense
5:00 - Another example transaction
5:22 - Fixing an expense entered as a transfer

#quickbooksonline #bookkeeping #quickbookstutorial

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[newportmanufacturing]

Thank you, Rachel! I was just able to clear out 4 "Transfers" from my banking in QBO. Whoo-hoo! 😁

[michaelzaro]

this was super helpful. Just the right balance of simple but educational. Thanks!!

[tomparker]

Thank you for clarifying QB's confusing transfer option. I appreciate your clear, friendly and concise explanation(s). My books are in balance again and I enjoyed your video.

[Michaelc-wtwg]

When you record a transfer you are going to see in the list of the transaction when you do the reconciliation on two Bank Accounts, how we have to reconcile this amount . If you check that transaction it doesn't go too much. The Bank statement, I am missing something; I don't know what. Thank you for your videos. There are really good and professional.

[caredfor]

Thank you! You explain very well. Very helpful as I begin my bookkeeping career.

[owens]

You are super awesome, thank you for the help!

[kitchenboy]

OOOHHH GOSH! Thank you so much! Life saver!

[KittyMRuhstaller]

I like your tutorials - do you work directly with clients.

[rosanneturkington]

Thank you Rachel, great video! If there is a transfer via Zelle, Stripe or paypal or Venmo it should be recorded as an expense?
Also, can you show a video on how to handle these types of expenses.

[blessedmom]

Thank you for this video tutorial. But what if he transaction was in prior months? would it be okay to do the same in this tutorial?

[AngelaBaena]

Hello Rachel, I have a question

A transfer was made between two checking accounts, money was sent from account A to account B and I recorded it on QB as a simple transfer. Nw, the money was returned to Account A without ever reaching account B, how do I record this transaction?

[heartwoodfinancialservices]

Great tutorial. We have a "cash" account in chart of accounts and don't need that there and all of our transfers are now in that "cash account". How do we categorize moving cash from one account to another that is neither income nor an expense?

[joiceq]

Hi Rachel, Thanks for this very useful video! I have one question: There was an intracompany transfer between two bank accounts, we'll say A to B. I had this recorded as a transfer and had both these bank accounts reconciled, but this was obviously not showing on the revenue side of account B which is what I wanted. So I deleted the transaction, went to banking, found the transaction and categorized it to go from account A to the revenue account instead. Then I went to account A through chart of accounts and clicked on the C until it turned to R. Account A was reconciled. However, I am having trouble on account B side. It is now obviously not showing in account B and is showing in the revenue account as an expense instead of a revenue. Would you have any advice to fix this. Account B is now out of balance by the amount too.

[ThoaNguyen-tl]

Is it possible to transfer expenses? say I have a business account with Wells Fargo and I have two credit cards under the same account. When i make payment, the payments get applies to only the primary account which resulted in the primary CC payment is more than expenses...Is there a way to fix this or can I transfer the expenses from the secondary Wells fargo CC bank account to the primary Wells Fargo CC?

[abigailnalbandian]

Hello! What if I need to categorize an actual transfer? money in account A was a liability and it was moved into account B as payment. It is no longer a liability (money that I paid myself from a tenant security deposit situation). When I record it as a transfer to account B it reconciles but the balance sheet says account A holds liability. HELP!

[michellecoon]

I need assistance on transfers between two different checking accounts and how to categorize them into the appropriate Chart of Accounts line items when more than one is involved.

[ezenwaorji]

How would i categorize and outgoing transfer being paid to someone, be it zelle or bank transfer?